TASLY(SH:600535) Bank of China Securities·2025-08-07 01:42Core Insights - The report highlights that Tianjin Tasly Pharmaceutical has received approval from the National Medical Products Administration for clinical trials of P134 cell injection for recurrent glioblastoma, positioning the product as potentially leading globally in this indication [2][5][6] - The global market for glioblastoma (GBM) treatment is substantial, with a current market size of 7.522 billion RMB in 2023, projected to grow to 13.968 billion RMB by 2029, indicating significant growth potential for the company’s P134 product [7] - The company has a robust R&D pipeline with 98 products under development, including 33 first-class innovative drugs, and 27 products currently in clinical trials, suggesting a strong commitment to innovation and future growth [8] Market Performance - The Shanghai Composite Index closed at 3633.99, up by 0.45%, while the Shenzhen Component Index rose by 0.64% to 11177.78, indicating a positive market trend [3] - Among industry performances, the defense and military industry saw a rise of 3.07%, while the pharmaceutical and biological sector experienced a decline of 0.65% [4] Company Focus - The P134 product is a CAR-T therapy targeting CD44 and/or CD133, designed to specifically recognize and bind to high-expressing antigens in primary and recurrent glioblastoma, enhancing T cell activation and longevity to kill tumor cells [6] - The report emphasizes the potential of P134 to provide new treatment options for recurrent GBM, which currently has poor prognosis despite existing treatment methods [7]